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JBS S.A.

Corporate Taxpayers ID (CNPJ/MF): 02.916.265/0001-60


Company Registry (NIRE): 35.300.330.587
Minutes Book

EXCERPT FROM THE MINUTES OF THE FISCAL COUNCILS MEETING


HELD ON MAY 4, 2017

Date, Time and Venue: May 4, 2017, at 5:30 p.m., at the headquarters of JBS S.A.
(Company), at Avenida Marginal Direita do Tiet, 500, Bloco I, 3 Andar, Vila Jaguara, CEP
05118-100, in the city and state of So Paulo, via conference call.

Call Notice: The call notice was sent via e-mail to all members of the Fiscal Council, pursuant
to Article 12 of the Fiscal Councils Bylaws.

Attendance: All the members of the Fiscal Council were present: Messrs. Adrian Lima da
Hora; Jos Paulo da Silva Filho; Demetrius Nichele Macei and Eraldo Soares Peanha,
which met the quorum required for convening the Meeting.

Messrs. Jeremiah Alphonsus O Callaghan, Eliseo Santiago Perez Fernandez, Agnaldo


dos Santos Moreira Jnior and Mrs. Andrea Pinheiro Riva, all members of the Companys
management; and Messrs. Paulo Srgio Tufani. Robinson Meira and Fernando Destefani,
members of BDO RCS Auditores Independentes SS (BDO) also attended the meeting.

Presiding Board: As Chairman, Adrian Lima da Hora; and as Secretary, Daniel Pereira de
Almeida Araujo.

Agenda: Analyze the Companys financial statements for the fiscal year ended December 31,
2016, in English, for the controlling entity only (Financial Information 2016 - Stand Alone),
for the purpose of issuing independent audit opinions on the Financial Information 2016 -
Stand Alone within the scope of the protocol request for the initial public offering of class A
common shares ("IPO") of the Company's subsidiary, JBS Foods International B.V. (which will
be converted into JBS Foods International N.V.) (JBSFI), with the Securities and Exchange
Commission (SEC) in the United States, whose shares will be subject to listing requirements
at the New York Stock Exchange (NYSE) (jointly, IPO Protocol for JBSFI).

Resolutions: By virtue of the IPO Protocol for JBSFI and considering that the Financial
Information 2016 - Stand Alone have the same values and contents of the Companys
Financial Statements for the fiscal year ended December 31, 2016, which were filed at the
Comisso de Valores Mobilirios (CVM) on March 13, 2016, added only of subsequent
events in the reporting period, the members of the Fiscal Council made questions regarding

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the Financial Information 2016 - Stand Alone, of which all were fully clarified by BDO and by
the Companys Management, and then resolved to unanimously approve the Financial
Information 2016 - Stand Alone, without reservations or comments.

Meeting Minutes Summary: The Fiscal Council authorized these minutes to be drawn up in
summary form and published without the signatures, in accordance with Paragraphs 1 and 2,
of Article 130, of the Brazilian Corporations Law.

Closing: With nothing else to be discussed, the floor was opened for questions and comments
but none was put forward. The meeting was declared over and discontinued for the time
necessary to draw up these minutes, which, after the meeting was reopened, were read,
approved and signed by all those present.

This is a free English translation of the original minutes drawn up


in the Companys records.

So Paulo, May 04, 2017.

Adrian Lima da Hora Daniel Pereira de Almeida Araujo


Chairman Secretary

Fiscal Councils Members Present:

Adrian Lima da Hora Jos Paulo da Silva Filho

Demetrius Nichele Macei Eraldo Soares Peanha